![\"Adults](\"http:\/\/www.estatetrustlawyer.com\/blog\/wp-content\/uploads\/2015\/10\/ThinkstockPhotos-480473640-300x200.jpg\")
The idea of \u201cfamily\u201d has changed dramatically over the last few generations. As a society, we\u2019ve shifted away from thinking of family as a father, mother and children to one that\u2014through divorce and remarriage(s)\u2014can potentially comprise multiple sets of parents and offspring. Throw in the recent legalization of gay marriage and you\u2019re looking at a smorgasbord of family structures known collectively as \u201cblended families.\u201d<\/p>\n
Not surprisingly, estate planning has grown more complicated as a result.<\/p>\n
What works for a traditional family set-up\u2014i.e., Mom or Dad leaving everything to each other, then subsequently to their children\u2014often doesn\u2019t suit a blended family. Surviving spouses remarry, one set of kids fears being disinherited or having a stepparent blow through all \u201ctheir\u201d money, beloved heirlooms end up in the \u201cwrong\u201d hands, and resentment over how assets are managed or distributed leads to rifts and endless court dates.<\/p>\n
So, \u201cblenders,\u201d what can you do to help your heirs keep the love\u2014and their inheritance\u2014while abiding by your wishes?<\/p>\n
Combine smart estate planning with good, healthy communication.<\/p>\n
Plan in Advance and Plan Smart<\/strong> Here are some possible topics to cover:<\/p>\n \u2022 A prenuptial agreement. As reported earlier this year in the Wall Street Journal<\/a><\/em>, an increase in the number of blended families has led to a corresponding increase in prenups. Consider putting one in place, especially if you\u2019re merging households and children.<\/p>\n \u2022 Your will. If you have children from a previous marriage, you may want to write your will in a way that guarantees them an inheritance from you\u2014for example, by bequeathing 50% of your estate to them upon your death as opposed to making them wait for \u201cleftovers\u201d after your new spouse dies.<\/p>\n \u2022 Minor children. Be aware that minors can\u2019t legally control assets and may require special estate planning strategies.<\/p>\n \u2022 Durable power of attorney. A DPOA lets you name someone to manage your financial and legal affairs should you become incapacitated. Make sure you update this if you\u2019ve gone through divorce.<\/p>\n \u2022 Advance health care directive. This is similar to a DPOA, but lets you name someone to make decisions about your health care if you\u2019re incapable of doing so.<\/p>\n \u2022 Trusts. Two types that are popular: 1) A revocable trust, which can be used to disperse assets as specified upon the owner\u2019s death; 2) A qualified terminal interest property trust (QTIP trust), which can set aside assets for a surviving spouse, then later pass along remaining assets to your children.<\/p>\n \u2022 Life insurance and retirement accounts. The beneficiary forms for these determine who will receive a distribution upon your death. As with a DPOA, make sure to keep these updated. Also, life insurance can be a great way to provide for your spouse while leaving the balance of the estate to your kids (or vice versa).<\/p>\n Communicate and Do It Well<\/strong> If there is a prenuptial agreement, sit down with your children to explain the terms and to prevent surprises. You may even wish to have your kids meet with your estate attorney, so they can get clear on issues such as \u201cWhat is community versus separate property?\u201d and \u201cWhat are the rights of each (step)parent?\u201d Such straightforward communication can go a long ways towards preventing future disputes.<\/p>\n Most importantly, be clear with family members that your estate plan reflects your wishes\u2014and that you expect those wishes to be honored and respected.<\/p>\n All in the (Blended) Family<\/strong> The idea of \u201cfamily\u201d has changed dramatically over the last few generations. As a society, we\u2019ve shifted away from thinking of family as a father, mother and children to one that\u2014through divorce and remarriage(s)\u2014can potentially comprise multiple sets of parents and offspring. Throw in the recent legalization of gay marriage and you\u2019re looking at a… Read More »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[19,115,113],"tags":[],"class_list":["post-273","post","type-post","status-publish","format-standard","hentry","category-estate-planning","category-trusts","category-wills"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.estatetrustlawyer.com\/blog\/wp-json\/wp\/v2\/posts\/273","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.estatetrustlawyer.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.estatetrustlawyer.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.estatetrustlawyer.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.estatetrustlawyer.com\/blog\/wp-json\/wp\/v2\/comments?post=273"}],"version-history":[{"count":1,"href":"https:\/\/www.estatetrustlawyer.com\/blog\/wp-json\/wp\/v2\/posts\/273\/revisions"}],"predecessor-version":[{"id":505,"href":"https:\/\/www.estatetrustlawyer.com\/blog\/wp-json\/wp\/v2\/posts\/273\/revisions\/505"}],"wp:attachment":[{"href":"https:\/\/www.estatetrustlawyer.com\/blog\/wp-json\/wp\/v2\/media?parent=273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.estatetrustlawyer.com\/blog\/wp-json\/wp\/v2\/categories?post=273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.estatetrustlawyer.com\/blog\/wp-json\/wp\/v2\/tags?post=273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nIf you intend to remarry, consider meeting with your estate planning attorney to review all your options. The main goal? That each spouse\u2019s share of the estate\u2014and often specific items, like jewelry, art and other heirlooms\u2014ends up with the beneficiary of his\/her choice, while minimizing estate taxes.<\/p>\n
\nEstate planning can cause some awkward talk. But it\u2019s a conversation that needs to take place, especially with blended families. So, call a family meeting. Let everyone know where they stand and how the estate will be divided after your death. Discuss who will be getting specific pieces of jewelry, art, furniture\u2026 whatever people care about, big and small. Or, if applicable, let them know that you\u2019ve already prepared a written “Memorandum for Distribution of Tangible Personal Property” as part of your estate plan.<\/p>\n
\nCreating an estate plan that lets you provide for all your loved ones can be tricky. This is exceptionally true for blended families. To ensure your family, however you define it, is set for the future the way you envision it, contact your estate planning attorney today<\/a>. He or she can talk you through all the options and see to it that your wishes are carried out, harmoniously and without court involvement.<\/p>\n","protected":false},"excerpt":{"rendered":"